Market Surge Propels Reliance Industries and ITC to Significant Gains
In the past week, the 30-share BSE benchmark witnessed a remarkable surge, soaring by 561.89 points or 0.86 percent. On July 7, the Sensex reached an unprecedented high of 65,898.98, reflecting the bullish sentiment in the market.
Among the top-10 most valued firms, Reliance Industries experienced a substantial increase, with its valuation surging by Rs 57,338.56 crore to reach Rs 17,83,043.16 crore. Furthermore, ITC also emerged as a major gainer, adding Rs 21,291.04 crore and pushing its market valuation to Rs 5,82,602.46 crore. Together, these firms contributed significantly to the overall growth of the market, driven by a positive trend in domestic equities.
Reliance Industries: Leading the Pack
Reliance Industries, holding the top position in the ranking of the most valued firms, continued to reinforce its dominance in the market. With its substantial surge in market capitalization, the company’s valuation now stands at Rs 17,83,043.16 crore.
ITC: Gaining Momentum
ITC, another prominent player in the market, experienced a notable increase in its market valuation. Adding Rs 21,291.04 crore, ITC’s market capitalization surged to Rs 5,82,602.46 crore, solidifying its position among the top-ranked firms.
State Bank of India: Rallying Ahead
The market capitalization of State Bank of India witnessed a significant rally, rising by Rs 18,697.06 crore to reach Rs 5,29,898.83 crore. This remarkable surge reflects the positive sentiment surrounding the bank in the market.
Tata Consultancy Services: Zooming Ahead
Tata Consultancy Services (TCS) also made substantial gains, with its market valuation soaring by Rs 9,220.81 crore to reach Rs 12,16,890.72 crore. TCS’s strong performance further contributed to the overall growth of the market.
ICICI Bank: Climbing the Charts
ICICI Bank witnessed a notable climb in its market valuation, adding Rs 8,998.26 crore to reach Rs 6,62,702.30 crore. The bank’s positive performance signifies its upward trajectory in the market.
Hindustan Unilever Limited: Advancing Ahead
Hindustan Unilever Limited (HUL) demonstrated a commendable increase in its market capitalization, with a rise of Rs 4,217.52 crore to reach Rs 6,33,532.04 crore. HUL’s advancement further reinforces its strong position among the top firms.
HDFC Bank: Facing a Setback
However, HDFC Bank encountered a setback as its market capitalization fell by Rs 22,926.37 crore, reaching Rs 9,28,657.99 crore. The decline in HDFC Bank’s valuation indicates a temporary dip in its market performance.
HDFC: Valuation Erosion
HDFC, witnessing a decline in market capitalization, experienced a loss of Rs 9,782.7 crore, leading to a valuation of Rs 5,12,585.94 crore. This erosion in HDFC’s valuation reflects a temporary setback for the company.
Bharti Airtel: A Downturn
Bharti Airtel also faced a downturn in its market valuation, with a decrease of Rs 5,219.66 crore, resulting in a valuation of Rs 4,84,844.10 crore. The decline can be attributed to the prevailing market conditions.
Infosys: A Minor Decline
Infosys observed a minor decline in its market valuation, with a decrease of Rs 1,638.41 crore, reaching Rs 5,52,452.86 crore. Despite this, Infosys retains its position among the top-10 firms.
Conclusion
In the latest market surge, six of the top 10 most valued companies collectively added Rs 1,19,763.25 crore to their market valuation. Reliance Industries and ITC emerged as major gainers, contributing significantly to the overall positive trend in domestic equities. Reliance Industries is the leader in this group, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, HDFC and Bharti Airtel, these companies continue to shape the Indian market landscape.
